Rhino Investment Partners Inc Makes New $2.04 Million Investment in Avidbank Holdings Inc. $AVBH

Rhino Investment Partners Inc acquired a new stake in Avidbank Holdings Inc. (NASDAQ:AVBH) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 80,000 shares of the company’s stock, valued at approximately $2,040,000. Avidbank accounts for 0.6% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 27th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Endeavour Capital Advisors Inc. acquired a new stake in shares of Avidbank during the third quarter worth about $17,796,000. Vanguard Group Inc. acquired a new position in Avidbank in the 3rd quarter valued at about $3,401,000. Franklin Resources Inc. purchased a new stake in Avidbank during the 3rd quarter valued at approximately $3,268,000. Algebris UK Ltd. purchased a new stake in Avidbank during the 3rd quarter valued at approximately $3,123,000. Finally, EJF Capital LLC acquired a new stake in Avidbank during the 3rd quarter worth approximately $2,827,000. 15.87% of the stock is owned by hedge funds and other institutional investors.

Avidbank Trading Down 0.7%

Shares of AVBH opened at $27.47 on Friday. Avidbank Holdings Inc. has a twelve month low of $19.75 and a twelve month high of $31.61. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $300.80 million, a P/E ratio of -13.67 and a beta of 0.38. The firm’s 50-day moving average is $28.44 and its two-hundred day moving average is $26.74.

Avidbank (NASDAQ:AVBH) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The company had revenue of $26.78 million for the quarter, compared to analyst estimates of $25.70 million. Avidbank had a negative net margin of 12.88% and a positive return on equity of 10.42%.

Analysts Set New Price Targets

Several brokerages have weighed in on AVBH. DA Davidson lifted their target price on Avidbank from $31.50 to $33.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Stephens increased their price target on Avidbank from $30.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Avidbank in a research report on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Avidbank presently has a consensus rating of “Buy” and a consensus target price of $33.00.

About Avidbank

Avidbank Holdings, Inc operates as a bank holding company for Avidbank that provides financial products and services to small and middle-market businesses, professionals, and individuals in the Santa Clara, San Mateo, and San Francisco counties. It offers business and personal deposit products, such as checking, money market, and savings accounts; and certificates of deposit. The company also provides personal lending products include secured and unsecured lines of credit, home equity lines of credit, remodel and new home construction loans, and term loans; corporate banking comprises working capital lines of credit, equipment loans, acquisition financing, shareholder buyouts, ESOP loans, and owner-occupied real estate loans; and commercial real estate lending, such as permanent loans and bridge financing products.